All Forum Posts by: Kyle Spearin

@Nakia Addison my first investment was a live-in flip. I ended up doing the renovation with my dad, lived there for 2 years, sold it, and paid off my student loans!

There are plenty of mistakes I made during that and since then as well-- happy to share if you're wondering about anything in particular.

@Brook Davenport when I started, it was coming up with the downpayment! I think there's something to be said about learning to save/earn money before investing.

@Matthew Alonso what strategy are you using? Looks like you want something turnkey, but also mentioned renovations. Happy to help with a little more detail.

Hey BP community! Aside from BP Con, I'm looking for other conferences to attend this year. Are there any you'd recommend for flippers?

@Danny Moreno keep up the good work!

@Lucy Rodriguez is the property you want to flip different from the one you're planning to rent or is it the same one?

If it's different, I'd recommend just mastering how to be a landlord for a few months and get those systems in place. When you feel like you have that under control, then start exploring flips and researching. 

@Michael H. midwest markets! We're doing this in St. Louis metro area right now. Not as much of a long term appreciation play as it is a way to recycle money quickly and get rentals. Just keep that in mind.

@Tyler Jordan it sounds like this deal has a bunch of equity built in. If you're wholesaling, I'd focus on what you think you want as profit when assigning it and let the flipper figure out if they want the 70% rule to apply or not.

@Paul Tan thank you for your service! Everyone has given awesome advice. 

It makes sense to leverage the VA loan and then other low downpayment options to get started. I assume you'll live there and house hack? I tend to agree with the people preaching equity early on, especially if it's your primary residence.

If you choose to go the cash flow route, explore DSCR loans that are based on a property's performance rather than your DTI. You'll be able to scale quicker (if that's your intention).

@Ashley Pacifico it sounds like you're taking the right steps to get ready. If you decide to buy, a house hack probably makes the most sense to start so that you can leverage a low down payment option.

If I were you, I'd make sure to factor in 3-6 months of reserves in the event that something happens. You want to be prepared for the unexpected.

It sounds like you're doing a nice job of paying off debt--I'd talk to a few lenders about your situation and see what you can get pre-approved for, then make your decision.